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Estimating the Precision of Welfare Measures

Author

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  • Kling, Catherine L.

Abstract

Three methods for constructing standard errors of welfare estimates have been employed in the recreation demand literature: a Taylor's series approximation, the bootstrap, and a method proposed by Krinsky and Robb. This paper presents the results of a simulation experiment designed to examine the accuracy of these methods.

Suggested Citation

  • Kling, Catherine L., 1991. "Estimating the Precision of Welfare Measures," 1991 Annual Meeting, August 4-7, Manhattan, Kansas 271259, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  • Handle: RePEc:ags:aaea91:271259
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    References listed on IDEAS

    as
    1. Jeffrey H. Dorfman & Catherine L. Kling & Richard J. Sexton, 1990. "Confidence Intervals for Elasticities and Flexibilities: Reevaluating the Ratios of Normals Case," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(4), pages 1006-1017.
    2. Green, Richard & Hahn, William & Rocke, David, 1987. "Standard Errors for Elasticities: A Comparison of Bootstrap and Asymptotic Standard Errors," Journal of Business & Economic Statistics, American Statistical Association, vol. 5(1), pages 145-149, January.
    3. Catherine L. Kling & Richard J. Sexton, 1990. "Bootstrapping in Applied Welfare Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(2), pages 406-418.
    4. Krinsky, Itzhak & Robb, A Leslie, 1986. "On Approximating the Statistical Properties of Elasticities," The Review of Economics and Statistics, MIT Press, vol. 68(4), pages 715-719, November.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Torres, Cati & Hanley, Nick & Riera, Antoni, 2011. "How wrong can you be? Implications of incorrect utility function specification for welfare measurement in choice experiments," Journal of Environmental Economics and Management, Elsevier, vol. 62(1), pages 111-121, July.
    2. Richard T. Carson & Mikołaj Czajkowski, 2018. "A New Baseline Model for Estimating Willingness to Pay from Discrete Choice Models," Working Papers 2018-04, Faculty of Economic Sciences, University of Warsaw.
    3. Rebecca Moore & Richard C. Bishop & Bill Provencher & Patricia A. Champ, 2010. "Accounting for Respondent Uncertainty to Improve Willingness-to-Pay Estimates," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 58(3), pages 381-401, September.
    4. F Alpizar & F Carlsson & P Martinsson, 2003. "Using Choice Experiments for Non-Market Valuation," Economic Issues Journal Articles, Economic Issues, vol. 8(1), pages 83-110, March.
    5. Poe, Gregory L. & Giraud, Kelly L. & Loomis, John B., 2001. "Simple Computational Methods for Measuring the Difference of Empirical Distributions: Application to Internal and External Scope Tests in Contingent Valuation," Staff Papers 121130, Cornell University, Department of Applied Economics and Management.
    6. Poe, Gregory L. & Lossin, Eric K. & Welsh, Michael P., 1992. "A Convolutions Approach to Measuring the Differences in Benefit Estimates from Dichotomous Choice Contingent Valuation Studies," Staff Papers 200545, University of Wisconsin-Madison, Department of Agricultural and Applied Economics.
    7. Eggert, Håkan & Olsson, Björn, 2004. "Heterogeneous preferences for marine amenities: A choice experiment applied to water quality," Working Papers in Economics 126, University of Gothenburg, Department of Economics.
    8. Carlsson, Fredrik & Frykblom, Peter & Liljenstolpe, Carolina, 2003. "Valuing wetland attributes: an application of choice experiments," Ecological Economics, Elsevier, vol. 47(1), pages 95-103, November.
    9. David S. Bullock & Klaus Salhofer & Jukka Kola, 1999. "The Normative Analysis of Agricultural Policy: A General Framework and Review," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(3), pages 512-535.
    10. Timothy C. Haab, "undated". "A Utility Based Repeated Discrete Choice Model of Consumer Demand," Working Papers 9611, East Carolina University, Department of Economics.
    11. Arne Risa Hole, 2007. "A comparison of approaches to estimating confidence intervals for willingness to pay measures," Health Economics, John Wiley & Sons, Ltd., vol. 16(8), pages 827-840.
    12. Moore, Rebecca & Bishop, Richard C. & Provencher, Bill & Champ, Patricia A., 2009. "Accounting for Respondent Uncertainty to Improve Willingness-to-Pay Estimates," Staff Papers 92233, University of Wisconsin-Madison, Department of Agricultural and Applied Economics.
    13. Kataria, Mitesh, 2009. "Willingness to pay for environmental improvements in hydropower regulated rivers," Energy Economics, Elsevier, vol. 31(1), pages 69-76, January.
    14. Joseph Cooper & John Loomis, 1993. "Testing whether waterfowl hunting benefits increase with greater water deliveries to wetlands," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 3(6), pages 545-561, December.
    15. Catalina M. Torres Figuerola & Nick Hanley & Antoni Riera Font, 2008. "The implications of incorrect utility function specification for welfare measurement in choice experiments," CRE Working Papers (Documents de treball del CRE) 2008/6, Centre de Recerca Econòmica (UIB ·"Sa Nostra").

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